Baidu (NASDAQ:BIDU) Stock Price Down 3.5% on Analyst Downgrade

Baidu, Inc. (NASDAQ:BIDU)’s stock price dropped 3.5% during trading on Tuesday after Mizuho lowered their price target on the stock from $130.00 to $115.00. Mizuho currently has an outperform rating on the stock. Baidu traded as low as $84.86 and last traded at $85.22. Approximately 1,660,642 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 3,621,846 shares. The stock had previously closed at $88.28.

Other equities research analysts have also issued research reports about the company. Hsbc Global Res lowered Baidu from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 24th. Dbs Bank cut shares of Baidu from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 3rd. Bank of America lowered their price objective on shares of Baidu from $128.00 to $117.00 and set a “buy” rating for the company in a report on Friday, August 23rd. Barclays reduced their target price on shares of Baidu from $125.00 to $115.00 and set an “overweight” rating on the stock in a report on Friday, August 23rd. Finally, Citigroup lowered their price target on shares of Baidu from $170.00 to $155.00 and set a “buy” rating for the company in a research note on Monday, July 15th. Seven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Baidu presently has an average rating of “Moderate Buy” and a consensus target price of $127.29.

Hedge Funds Weigh In On Baidu

Several large investors have recently made changes to their positions in the business. Crewe Advisors LLC purchased a new position in Baidu during the first quarter valued at $31,000. iA Global Asset Management Inc. purchased a new position in Baidu in the second quarter worth about $52,000. Denver PWM LLC bought a new position in shares of Baidu in the second quarter worth approximately $67,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Baidu by 630.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 687 shares of the information services provider’s stock valued at $72,000 after buying an additional 593 shares during the last quarter. Finally, Grove Bank & Trust increased its position in shares of Baidu by 21.6% during the third quarter. Grove Bank & Trust now owns 731 shares of the information services provider’s stock valued at $77,000 after acquiring an additional 130 shares in the last quarter.

Baidu Price Performance

The firm has a market capitalization of $29.76 billion, a P/E ratio of 11.23 and a beta of 0.51. The firm has a 50-day moving average of $93.44 and a 200-day moving average of $93.93. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.32 and a current ratio of 2.32.

About Baidu

Baidu, Inc engages in the provision of internet search services in China. It operates through two segments: Baidu Core and iQIYI. The company offers Baidu App to access search, feed, and other services using mobile devices; Baidu Search to access its search and other services; Baidu Feed that provides users with personalized timeline based on their demographics and interests; Baidu Health that helps users to find the doctor and hospital for healthcare needs; and Haokan, a short video app.